The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
US legal consultancy Hildebrandt has warned its 5,000 clients to expect a fall in growth in the coming year due to fluctuating international and US markets and a slowdown in the US economy.
The firm sent out a "client advisory" bulletin last week, saying it had reduced its estimate for net income growth for well-managed firms from between 10 and 11 per cent to between 5 and 8 per cent.
The bulletin adds that M&A lawyers report transactions being postponed or cancelled while banks are tightening lending criteria, bringing worldwide project finance work "close to a standstill".
"This combination of circumstances is causing some firms to experience the first signs of lawyer workload reduction," it said.
Paul Mickey, managing partner of 300-lawyer Washington firm Shaw Pittman Potts & Trowbridge, said he anticipated a slowdown in 1999, although he believed IT outsourcing work - the firm's specialisation - would increase.
Mickey said he believed firms would not over-react: "They have got a lot better at business management, and are much better at controlling costs, which means they can cope with downturns without imposing a hiring freeze."